Former Glorious Chair Zhang Zhirong
Two top executives of Glorious Property Holdings Ltd. (845) resigned last week – less than one month after a failed buyout attempt by the troubled China real estate developer’s former chairman Zhang Zhirong.
The departure of Glorious CEO Liu Ning and CFO Jiang Yongjin are effective Feb. 15, the company said in a filing to the Hong Kong stock exchange last week. No successors were named.
The change in leadership for the Hong Kong-listed company comes as it continues to seek new direction following the failed effort to take the company private and ongoing sales struggles.
On January 17th shareholders had rejected the HK$4.57 billion ($589 million) buyout attempt by former chairman Zhang, who still owns 68.4 percent of the company.
The Chinese billionaire, who also formerly headed China Rongsheng Heavy Industry, stepped down from leadership roles with both firms after a company he controls, paid $14.2 million to settle a U.S. insider trading case in 2012.
Sales for the mid-sized Chinese developer, which has projects in 12 mainland cities, contracted 33 percent during 2013 as China’s real estate market began to consolidate.
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